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    Mortgage award

    A client received a $25,000 award from a lawsuit against her mortgage company. Her mortgage balance was also reduced
    by $25,000. IS this taxable and if so; what do I do with it?

    #2
    1040 ln 21
    Believe nothing you have not personally researched and verified.

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      #3
      Seems like we would need more detail/facts

      OP posted - "A client received a $25,000 award from a lawsuit against her mortgage company. Her mortgage balance was also reduced
      by $25,000"

      Was this award cash and also a reduction in mortgage balance? Or just an award that reduced her mortgage balance?

      In connection with their personal residence or was it on Rental/Investment Property?

      Attorney fees?

      Sandy

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